The Office of the Superintendent of Financial Institutions (OSFI) is consulting on the draft guideline B‑13 on technology and cyber risk management. The proposed guideline sets out expectations for sound technology and cyber risk management across five domains. Each domain is guided by a desired outcome and related technology-neutral principles that collectively contribute to operational resilience. The Annex to the consultation letter also sets out the feedback OSFI received as a result of the Fall 2020 discussion paper on technology and related risks. The comment period for this consultation ends on February 09, 2021.
The expectations outlined in the guideline aim to support federally regulated financial institutions in developing greater resilience to technology and cyber risks in the areas of—
- Governance and Risk Management: Covers expectations for the formal accountability, leadership, organizational structure, and framework used to support risk management and oversight of technology and cyber security
- Technology Operations: Sets expectations for management and oversight of risks related to the design, implementation and management of technology assets and services.
- Cyber Security: Covers expectations for management and oversight of cyber risk
- Third-Party Provider Technology and Cyber Risk: Expands on he existing OSFI guidance for outsourcing and third-party risk, to set expectations for institutions that engage with third-party providers to obtain technology and cyber services and/or other services that give rise to cyber and/or technology risk
- Technology Resilience: Sets expectations for capabilities to deliver technology services through operational disruption
Comment Period: February 09, 2021
Keywords: Americas, Canada, Banking, Cyber Risk, Guideline B-13, Operational Resilience, Governance, Operational Risk, Regtech, OSFI
Previous ArticleHM Treasury Issues Proposals on Future Regulatory Framework Review
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.
The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.
The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.